MANHATTAN…Median rental price jumped 6.5% to $3,195
from the same period last year, but was
unchanged from the prior month. The
average year-over-year increase in median
rental price has been rising since the
beginning of 2013 averaging 5.1% year to
date. The average rate of rental price growth
is consistent with the 2012 average rate of
5.3%. The year-over-year increase in median
rental price across all size categories was
remarkably consistent in April…

BROOKLYN…The number of new rentals increased
10.9% above prior year levels, the third
lowest annual increase in a year. This
metric can be seen as a barometer of
tenant resistance to lease renewal rates
offered by landlords. Lower new rental
growth reflects more tenants re-signing
their leases at renewal. After an
aggressive series of rental price increases
in 2012, landlords have been easing
rate increases and tenants have better
adjusted to the high rent environment…

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About Jonathan Miller

Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.Learn More...

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Matrix Blog

Source: WSJ Yesterday evening Josh Barbanel at WSJ posted a milestone piece on the current building boom: Construction in New York City Goes Through The Roof: New residential permits surge as developers rush to qualify for tax break There has… Read More